Pacific-Basin Finance Journal最新文献_第6页

Digital government construction and stock price synchronicity: Evidence from China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-03 DOI: 10.1016/j.pacfin.2025.102688

Xu Cheng , Jiancheng Chen , Yan Sheng

{"title":"Digital government construction and stock price synchronicity: Evidence from China","authors":"Xu Cheng , Jiancheng Chen , Yan Sheng","doi":"10.1016/j.pacfin.2025.102688","DOIUrl":"10.1016/j.pacfin.2025.102688","url":null,"abstract":"<div><div>The digital era brings new opportunities and challenges to stock market efficiency, in which digital government construction emerges and provides a new method to influence stock pricing efficiency. This study examines the effect of digital government construction on stock price synchronicity using a Chinese quasi-natural experiment of the construction of the Big Data Bureau. We conduct a staggered difference-in-differences model and find that digital government construction significantly enhances stock price synchronicity. Mechanism analysis shows that digital government construction mitigates investor disagreement and optimizes corporate governance, which helps improve the content of market-wide information and reduce market noise. Heterogeneity tests show that the impact of digital government construction on stock price synchronicity is more significant with high economy policy uncertainty and poor information environment, as well as in cities with high economic development levels and innovation capacity. Digital government construction also has economic consequences in that its impact on stock price synchronicity is associated with increased firm value and mitigation of stock mispricing. Our study provides insights into how government reform in the digital era facilitates improving stock pricing efficiency.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102688"},"PeriodicalIF":4.8,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do remote meetings and board hierarchy impact the voting behavior of independent board directors?

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-03 DOI: 10.1016/j.pacfin.2025.102698

Li Ma, Jiazhu Li

引用次数: 0

Trade policy uncertainty and corporate innovation —Evidence from the US-China trade war

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-01 DOI: 10.1016/j.pacfin.2024.102590

Jian Zhang , Wenruo Wu , Jingyun Yang , Yi Xiao

引用次数: 0

The accountability system for operation and investment and M&A performance of state-owned enterprises in China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-01 DOI: 10.1016/j.pacfin.2024.102613

Yuting Li , Jianye Huang

引用次数: 0

Impacts of patent pledge financing on corporate investment: Evidence from a quasi-natural experiment in China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-01 DOI: 10.1016/j.pacfin.2024.102596

Zhao Liu, Huawei Zhu

引用次数: 0

Farmers' credit risk evaluation with an explainable hybrid ensemble approach: A closer look in microfinance

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-01 DOI: 10.1016/j.pacfin.2024.102612

Nana Chai , Mohammad Zoynul Abedin , Lian Yang , Baofeng Shi

{"title":"Farmers' credit risk evaluation with an explainable hybrid ensemble approach: A closer look in microfinance","authors":"Nana Chai , Mohammad Zoynul Abedin , Lian Yang , Baofeng Shi","doi":"10.1016/j.pacfin.2024.102612","DOIUrl":"10.1016/j.pacfin.2024.102612","url":null,"abstract":"<div><div>Artificial intelligence stimulates the vitality of microcredit by reshaping credit risk evaluation models, especially targeting the group of farmers. Therefore, the paper aims to establish a new interpretable hybrid ensemble model for evaluating the credit risk of microfinance for farmers, which is called ADASYN (Adaptive Synthetic Sampling)-LCE (Local Cascade Ensemble)-Shapash. It integrates the advantages of three ensemble models: bagging, boosting, and local cascading, including reducing model variance, reducing model bias, and simplifying complex problems by learning different parts of the training data. And it alleviates the problem of low generalization performance of traditional ensemble models caused by imbalanced loan data of farmers. Through the empirical analysis of the data of farmers' loans of China poverty alleviation agency “CHONGHO BRIDGE”, it is found that its average rank is 2.1, which is better than other integrated models in the credit risk evaluation of farmers' microfinance. Finally, the global and local interpretation of our model is preliminarily explored.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102612"},"PeriodicalIF":4.8,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143161221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Improving the synergy between corporate venture capital and internal innovation: Role of implementation strategy and firm digitalization

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-01-31 DOI: 10.1016/j.pacfin.2025.102697

You Wu , Wanyu Xu , Yun Zhang , Yingfei Zheng

{"title":"Improving the synergy between corporate venture capital and internal innovation: Role of implementation strategy and firm digitalization","authors":"You Wu , Wanyu Xu , Yun Zhang , Yingfei Zheng","doi":"10.1016/j.pacfin.2025.102697","DOIUrl":"10.1016/j.pacfin.2025.102697","url":null,"abstract":"<div><div>Established firms often pursue technology and growth opportunities by investing in startups through corporate venture capital (CVC), which has a complex impact on their internal R&D activities. CVC, operating across organizational boundaries, needs to address two critical issues: external search and internal integration. However, it is driven by two incongruent institutional logics: ‘integrated’ and ‘arm's-length,’ which influence the effectiveness of the strategy implementation and its' synergistic effects on internal innovation. Using data from Chinese publicly listed firms between 2005 and 2020, our quadratic regression models with panel data reveal an inverted-U relationship between CVC intensity and internal R&D efforts. Such a relationship is more salient for less knowledge-intensive firms, smaller firms, and non-state-owned enterprises. Furthermore, the effectiveness of this activity is greatly conditioned on its implementation and the firm's technological capabilities. We find that strategic measures such as appointing senior managers to oversee CVC activities, establishing multiple CVC units, and advancing digitalization can amplify the positive effects of CVC on R&D. Our research sheds light on how CVC strategy implementation and digitalization can improve the synergy between external knowledge exploration and internal innovation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102697"},"PeriodicalIF":4.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Inventor executive turnover and inventors' high-quality innovation in China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-01-30 DOI: 10.1016/j.pacfin.2025.102695

Feng He , Guanchun Liu , Yuanyuan Liu , Jinyu Yang

{"title":"Inventor executive turnover and inventors' high-quality innovation in China","authors":"Feng He , Guanchun Liu , Yuanyuan Liu , Jinyu Yang","doi":"10.1016/j.pacfin.2025.102695","DOIUrl":"10.1016/j.pacfin.2025.102695","url":null,"abstract":"<div><div>This paper investigates how inventor executive turnover affects inventors' high-quality innovation behaviors using data from Chinese high-tech listed companies from 2007 to 2018. We find that inventor executive turnover significantly enhances the quality of inventors' innovation, and this positive effect depends on the characteristics of the departing executive and their successor as well as the firm's reliance on innovation. Further, the mechanism tests show that increasing innovation quality is mainly reflected in non-cooperative inventors and non-core research and development (R&D) team inventors, and inventor executive turnover leads to more new inventors and higher innovation efficiency, which is consistent with the resource reallocation channel. We also find that the resource reallocation effect is stronger for general inventor executives rather than top inventor executives (CEO or chairman), and that inventor executive turnover boosts the total number of patent applications and the share of invention patents at the firm level. Overall, our findings suggest that to realize innovation-driven growth regime, inventors' efforts should be stimulated by optimizing the allocation of R&D resources.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102695"},"PeriodicalIF":4.8,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143339840","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial risk soft landing: Government regulatory strategies and the resolution of problematic financial institutions

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-01-29 DOI: 10.1016/j.pacfin.2025.102694

Wenda Song , Jiawen Wu , Haiyang Zhang

{"title":"Financial risk soft landing: Government regulatory strategies and the resolution of problematic financial institutions","authors":"Wenda Song , Jiawen Wu , Haiyang Zhang","doi":"10.1016/j.pacfin.2025.102694","DOIUrl":"10.1016/j.pacfin.2025.102694","url":null,"abstract":"<div><div>Effective Fintech regulation requires not only the establishment of regulatory policies but also effective enforcement of regulatory strategies by the government. In this paper, we focus on the role of local governments as financial regulatory enforcers and study the impact of government financial regulatory strategies on the resolution of local problematic financial institution risks. Using manually collected financial regulatory information from both central and local government websites in China, we quantify the financial regulatory strategies of local governments from three perspectives: the intensity of local regulatory enforcement, the depth of local responses to central policies, and the degree of alignment between local and central regulatory goals. We employ the Cox proportional hazards model and competing risk model on P2P platform event data, revealing that P2P platform risks are significantly lower in regions with more intensive regulation enforcement, deeper responses to central policies, and better alignment of local goals with those of the central government. We analyze the theoretical mechanisms of the above empirical findings using institutional theory, decentralization theory, and policy uncertainty theory. Robustness checks using alternative regulatory and P2P platform risk measurements, instrumental variable methods and alternative samples yield consistent results. Heterogeneity analysis reveals that government regulatory strategies have a greater impact on the risks of large platforms and platforms headquartered in provincial capitals. Our study contributes to a deeper understanding of the role of governments in financial regulation with new empirical evidence and reveals the theoretical mechanisms through which government regulatory strategies work, expanding the theoretical boundaries of research in the field of financial regulation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102694"},"PeriodicalIF":4.8,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effect of culture on global NFT investor attention

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-01-29 DOI: 10.1016/j.pacfin.2025.102696

Zih-Ying Lin

引用次数: 0